Exterior of office building Clarion Partners headquarters at 230 Park Ave. in New York City. (Photo: RXR Realty)

NEW YORK CITY—Clarion Partners cofounder Stephen Furnary is stepping down as the investment manager’s CEO, according to published reports. Furnary will remain as executive chairman while turning over the CEO’s chair to president and CIO David Gilbert. The change in leadership is effective May 1, PERE reported Monday.